House of Cards

Congress tries to come together.

Daily Recap

Punchbowl News reported that Jim Jordan (R-OH) would not hold a third ballot for speaker and instead will back Patrick McHenry (R-NC) as an interim speaker until January. As discussed yesterday, this would be a net positive for SAFER Banking…

Rep. David Joyce (R-OH) is expected to file a motion to elect Sen. Patrick McHenry (R-NC) as a permanent speaker pro tempore. While McHenry flunked flank, many believe he understands the need for SAFER Banking and that his concerns were addressed by the senate committee. Joyce, of course, is the lead sponsor of SAFER Banking.

…but it will require support from both sides of the aisle. The situation is fluid and it remains to be seen if a coalition can be agreed to—but we do know one thing: if this gets done, Dave Joyce (R-OH) will have been the driving force, which would be good for Team Green.

Stateside

78% of New Hampshire farmers are interested in growing but only 11% support Gov. Sununu's plan for state-run stores; the struggling marijuana industry is hoping that Ohio's Issue 2 will help boost their bottom lines; D.C hit $4.4M in September MMJ sales; legal pot retailers are not linked to a rise in crime; Long Islanders need better weed and more access and Cresco Labs unlocked $32M in non-dilutive capital.

Overseas

Denmark's MMJ pilot program has seen 90% growth over the last year; the Canadian canna market continues to struggle five years after legalization; and two employees of Israeli cannabis producer InterCure were kidnapped by the terrorist group Hamas.

Markets

Cannabis markets were much quieter today than recent sessions, with total notional volume for all publicly traded plant-touching U.S canna stocks + ETFs coming in at $43M (vs. $158M yesterday). U.S. canna ETF MSOS finished almost 1% higher but is still sitting near the October lows.

Below, we’ll talk about some of the pressure points for the broader tape, dig into the shifting sands at the U.S. House, check which MSOs are best positioned for Ohio, get killer bond color from an industry pro, and sort through some solid stems & seeds.

All you need to do is scroll down.

Note: there will be no Cannabis Confidential tomorrow, October 20th (travel).

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $43M

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